Nearly Dh200 billion has reportedly been invested in the construction of Dubai's expansive Business Bay free zone district according to industry sources, while some 90 percent of commercial and residential areas available for outside investment in the 64 million square foot project has already been committed to developers.
Completion of Business Bay, which will ultimately stretch from Shaikh Zayed Road along a new creek to Dubai's coast, is set for some time within the next five to seven years, according to Gulf News.
Planners hope that the proposed project will continue to attract a growing number of leading international firms to Dubai, creating a similar business environment to that of New York City.
Developers account for about 40 percent of the project's investments, with approximately one quarter coming from other GCC countries, explained Hashim Al Dabal, chief executive officer of real estate developers Dubai Properties, a member of Dubai Holding.
"I think we have a very good mix of investors," Dabal added, pointing out that other foreign investors account for the remainder for the remainder of the project's investors.
Dubai Properties, which will develop 30 percent of the Business Bay area, stands at around Dh15-Dh20 billion, with approximately Dh3 billion more invested in infrastructure. Outside investment will supply the remaining 70 percent of the project's investment.
